| Term | Definition |
|---|
| Asset | Is something that you oen. - An asset may help you earnan income e.g a builder's tools also an asset is for own personal use and is under your control. |
| Liability | A liability is something that you owe, a debt. Examples are -credit card - loans - hire purchase - mortgage(loan for the land or the building). |
| Statement of Affairs | It is a document that shows a person or households's assets, liabilities and net worth. Assets and liabilities are recorded at thier currrent market value so that the statement will show the current net worth of the perosn. It is Valued by A-L=NW. |
| Types of Income | There are different types of income. It follows below. |
| Wages | Based on a rate per hour or per week. |
| Salary | Calculated on a yearly basis but usually paid fortnightly(two week) or monthly. |
Combine with other sets
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